May 16, 2018 News Hour Correspondent -

SINGER approves 100% cash dividend for 2017 and announces Q1, 2018 results with 66% increase in earnings

The 38^th Annual General Meeting of SINGER Bangladesh Limited was held on May 15, 2018. The shareholders present in the meeting approved 100 percent cash dividend for the year 2017, which is 42.8% higher than last year.

The Company announced that SINGER contributed Tk. 318 crore to the National Exchequer in the form of corporate tax, customs duty and VAT during 2017. The meeting was attended by a large number of shareholders who made their valuable suggestions.

In the meantime, Singer Bangladesh Limited has announced a 66% increase in earnings per share for the quarter ended March 31, 2018.

Other highlights for the Q1, 2018 include:

Q1, 2018 turnover increased by 33% to Tk 2.4 billion
Gross margins improved from 28.4% to 29.3% during the quarter
Singer continued to focus on managing operating expenses, which at 19.3% of revenue for Q1 2018 was reduced from 20.9% in the prior year
Operating profit increased by 79%, with higher operating margins at 10.1%, versus the prior year of 7.5%
Earnings per share increased 66% to 56 per share
Singer continued to enjoy significant increases in unit sales, in particular computers by 168%, air conditioners by 54%, fans by 34%, sewing machines by 30%, panel televisions by 29%, furniture by 26% and refrigerators by 22%, boosted by lower prices to customers and increased advertising spend.
Singer’s financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 31% in Q1, bringing over 200,000 additional customers to the stores during the 3 months.
Singer introduced 18 new products, renovated 26 shops and appointed 45 new dealers during the first three months of the year.

Commenting on the Q1, 2018 results, Gavin Walker, Singer Bangladesh Chairman, noted, “We are very pleased to announce a 33% increase in turnover in Q1 2018, with higher gross margins and lower expenses ratios this translated into 79% increase in operating profit”.

Mr Walker added, “The Company has launched an exciting promotion to give away 1,000 LED televisions leading up to the FIFA World Cup. Soon after that the festival season will start with record sales anticipated in all categories”.